Thought For The Day


wealthymatters

Retail Money Laundering


wealthymatters

Wholesale Laundering


wealthymattersWholesale laundering happens when seasoned chartered accountants and money market brokers bring together two kinds of people: one, with excess, unexplained cash and the other having a shortage of it.The latter  are small firms whose books show large `cash on hand’ but actually hold very little physical cash.These are companies which have spent their earnings and fund withdrawals from banks for personal uses, bribes, and commissions ­ expenses that are not reflected in their books of accounts.Though their books show `cash in hand’ they don’t really have the cash as it has been used in activities that is difficult to account for.They are the perfect match for people and businesses who are looking for avenues to salvage their hidden bills of  Rs500 and Rs1,000 these days. If the stakes are high, a few companies with sizeable ‘cash on hand’ in their balance-sheets, may even be acquired by those with large undeclared funds.Such deals would go on till December 31, ­ the dead line for exchanging and depositing Rs500 and Rs1,000 notes with banks.

Here’s how it works Read more of this post

Thinking


wealthymatters

Selling To The Wealthy


wealthymattersFor mass-market businesses, it’s easier to rely on the “numbers game”: hire enough people to make enough phone calls, with the right message, and a certain percentage will come good. Even here, good hiring, strong team motivation and high-quality engagement is necessary.

But for prestige organisations, which are typically seeking out much smaller numbers of much higher-spending customers, the challenge is far greater. Just a handful of additional new clients can make the difference between meeting and exceeding targets or missing them. Conversely, mass or generic marketing approaches will always be viewed as such, and result in zero return.

Here are some golden rules and best practices for organisations that are seeking to grow their client base within the ultra-high net worth sector. These individuals may choose to spend US$1 million or more with a luxury brand in a single purchase or make a donation on this level with a non-profit. Or they may give a wealth manager US$10 million or more to look after. Such new clients are therefore highly valuable, if not transformative, for many organisations if they are successfully prospected.

So how to go about selling to the wealthy ? Read more of this post

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